13th Oct 2014 09:46
LONDON (Alliance News) - CEB Resources PLC, the mining projects investment company Monday said it has sold a third of its shares in Balamara Resources Ltd that it acquired in July following Balamara's purchase of its coal site in Poland.
CEB has sold more than 5.2 million shares for AUD350,340, approximately GBP192,687, which leaves CEB with around 9.8 million Balamara shares.
In July, Balamara paid CEB Resources AUD100,000 in cash and 15 million shares with a value of around GBP643,500 so it could acquire CEB's 10% stake in the Mariola Thermal coal project in southern Poland.
Balamara Resources is listed on the Australian Stock Exchange.
CEB shares were trading down 3.8% to 0.226 pence per share Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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